If nothing else, San Diego City Attorney Michael Aguirre is as unpredictable as they come.

Aguirre, who has frequently lambasted the City Council – four members, in particular – for helping create the city's financial mess, promised a “special announcement” regarding those council members during a televised speech last night.

Could it be a new lawsuit? Criminal charges? Tar and feathers?

Nope.

Aguirre wanted to “extend a hand of friendship” to the four council members – Toni Atkins, Jim Madaffer, Brian Maienschein and Scott Peters – by offering to work with them to settle any outstanding issues they may have with the Securities and Exchange Commission.

The SEC issued an order last month saying the city defrauded investors by not disclosing a massive pension deficit. The city agreed to “cease and desist from future securities fraud violations” and to hire an independent consultant, subject to SEC approval, within 60 days to oversee disclosures for three years.

Under the agreement, the city as a whole did not admit or deny any wrongdoing.

The SEC, however, blamed unnamed city officials for the fraud and said it continues to investigate individuals.

Peters, the council president, said he appreciated Aguirre's gesture but didn't think his help would be necessary.

“I'm not aware there's anything to work on” with the SEC, Peters said.

Targets of an SEC investigation are given a notice that advises them that the agency is considering a recommendation to charge them with securities violations. The notice gives the person a chance to respond before SEC staff makes its formal recommendation.

No current or former city official has acknowledged publicly receiving such a notice.

Atkins, Madaffer and Maienschein did not return calls for comment last night.

Aguirre acknowledged his relationship with the council members “has not always been at the high-water mark.”

“I think it's a way to try to rebuild our relationship . . . and I would be happy to use the same energy that I did to the (city's) case settled with the SEC,” he said.

Aguirre has long accused the four council members of securities fraud for approving faulty bond disclosures four years ago. An investigation by an independent risk-management firm concluded the council members were negligent.

In recent weeks, Aguirre has credited the council for approving the city's settlement with the SEC and last night called it a “selfless act” since council members might be facing individual scrutiny.

In his hour-long speech, Aguirre also gave his version of how the city created its financial crisis. For the most part, he blamed city leaders and the editorial board of The San Diego Union-Tribune for advocating a “no new taxes or fees” policy while the city went on a spending spree.